Single Touch Payroll (STP)

Hi BYBookkeeping 

The Payroll Clearing Account and the Electronic Clearing Account have different functions.  The electronic account is for uploading payments to your bank by an ABA file.

The Payroll Clearing Account is for reconciliation if you are manually transferring wages. Process your pays as normal and make the actual payment. Then go into Transfer Money.

Date: date you make the actual payment 

Transfer from account: bank account 

Transfer To account: payroll clearing account 

Amount:  net pay

memo: Sue Smith wages

You can save these as a recurring transaction so you just have to change the amount.

At the end of month go into Bank Reconciliation 

Bank Account: Payroll clearing Account

Date: last day of month

Closing Statement Balance: $0

Tick all transactions and you should reconcile back to $0.

Click reconcile.

By doing this you know that the amounts you have physically paid match your payruns. 

If you don’t want to use the Payroll clearing account go into Setup>>Linked Accounts>>Payroll Accounts and change the linked accounts for cash and cheque to your bank account.  The linked account for electronic payments should be the electronic clearing account.

Cheers

Tracey

Hi 

Im not sure if this will help but you need to check your Payroll linked accounts in Set Up.

Thanks Tracey

You’re welcome Wilfords 😊

bungy15 Changing the employee's card doesn't work for me.

Cash/Cheque/Electronic ALL point to the Payroll Clearing Account.

I cant for the life of me find where to change that, or any support note for it.

bungy15 

Found it - thanks. 

Whoever did the initial set up, changed it all to Payroll Clearing.